The focus of exploration activities will be the Western Foreland project in the Democratic Republic of Congo (DRC), which is adjacent to Ivanhoe’s successful Kamoa-Kakula operation.
“First, we will continue to expand the scope of the Kitoko copper discovery with additional drill rigs and expand our knowledge of significant exploration opportunities,” said Ivanhoe founder and co-chairman Robert Friedland.
“Secondly, we will expand our understanding of the Makoko and Kiala deposits and optimize our studies of near-term copper production across the majority of our licenses. “Finally, we will continue to evaluate the entire Foreland based on our rapidly evolving proprietary database and geological models. Priority targets to further discover world-class high-grade copper deposits. “
Ivanhoe announced the Kitoko discovery last week, saying it is similar to a large ore body mined at the Kamoa-Kakula copper complex.
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Select drill results at Kitoko included 3.37 meters grading 3.54% copper, 6.43 meters grading 4.92% copper, 4.2 meters grading 3.6% copper, and 6.8 meters grading 3.35% copper. All intercepts are true width at 1.0% copper grade.
Kitoko copper mineralization occurs in nearly flat siltstones in the lower part of the large conglomerate, similar to the geology observed at the Kamoa, Kakula, Makoko and Kiala high-grade sedimentary copper discoveries.
However, Kitoko’s discovery has two distinct features, according to the company.
“First, the mineralization is located in the Grand Conglomerate, directly overlying the Kibaran basement rocks, with no underlying Mwashia sandstone. This is significant because the Ivanhoe Mines geology team previously believed that the sandstone was the primary sedimentary aquifer, making the oxidized copper-bearing basin Fluids are able to circulate and when they come into contact with overlying pyrite-rich reducing sediments, these fluids precipitate copper,” the company said. .
“Secondly, mineralization at Kitoko occurs over at least two different high-grade sedimentary layers. This highlights the strength of the mineralized system, as upon interaction with lower reducing agents, sufficient copper is retained in the fluid and subsequently mined Transform the second layer.”
As a result, the discovery of Kitoko disrupts Ivanhoe’s exploration model and significantly increases the proportion of world-class, high-grade sedimentary copper systems discovered in the Western Foreland, Ivanhoe reported.
Ivanhoe added that it was in discussions with potential strategic investors, including major international companies and sovereign wealth funds, which would include accelerating development of the Western Foreland region.
Ivanhoe Mines shares rose 1.1% on Thursday morning, giving it a market capitalization of C$14.8 billion ($10.8 billion).
